In terms of careers in finance and accounting, there are two qualifications that have global reach: ACCA (Association of Chartered Certified Accountants) and CMA (Certified Management Accountant). Both are prestigious qualifications, both facilitate international career path opportunities, and both prepare you for leadership roles in business and finance.
However, before you select your path, it’s important to understand the costs, structure, and future potential of both qualifications. Let’s simplify it below to help you navigate your most valuable career path.
ACCA Course Fees, Structure, and Scope
The ACCA qualification has been created for students who aspire to develop other people’s knowledge of accounting, audit, taxation and finance. Alongside this, these skills are recognised globally and offer students a plethora of choices.
Course Structure:
- Applied Knowledge: The Introduction of accounting, management or finance
- Applied Skills: Practical areas of accounting such as audit, law, taxable income & performance management
- Strategic Professional: Advanced knowledge of accounting within business leadership & financial management with optional specialism in advance audit, tax or financial statements
In total, you will complete 13 papers, with exemptions possibly offered to students based on prior education (such as B.Com, MBA or CA).
ACCA Course Fees:
- Registration: Approximately INR 3,000 – 4,000
- Annual subscription fee: Approx. INR 12,000
- Exam fees per paper: INR 8,000 – 26,000 depending on level
- Overall costs required in India: Approximately INR 3 – 4.5 Lakhs (including coaching costs).
Scope/Opportunities:
- Audit firms, including Large multinationals or Big 4 firms.
- In the finance department(s) of Finance companies.
- As a Financial Analyst, Auditor, Consultant (Taxation) or maybe a CFO in time.
Most importantly, an added benefit in choosing the ACCA course fees as a qualification is that it has professional acknowledgement in excess of 180 countries, making it ideal for students wishing to expand into an international career.
CMA Course: Fees, Structure, and Scope
The CMA qualification focuses more on management accounting and strategic decision-making. It is a great choice if you want to work in business strategy, cost management, and financial planning.
Course Structure:
CMA is shorter compared to ACCA and has two parts:
- Part 1: Financial Planning, Reporting, and Performance.
- Part 2: Strategic Financial Management.
This means the CMA course can be completed faster, often within 6–12 months, if you study consistently.
Fees:
- Membership + Entrance fees: Around INR 50,000–60,000.
- Exam fees per part: Around INR 30,000–40,000.
- Overall cost in India: Around INR 1.5–2 lakhs (including coaching).
Scope & Opportunities:
- Corporate finance and strategy teams.
- Cost management and budgeting roles.
- Internal audit and risk management.
- Multinationals with a focus on business strategy.
While CMA is recognised globally, it is especially highly valued in the US, the Middle East, and multinational companies worldwide.
ACCA vs CMA: Which Should You Choose?
Choosing between ACCA and CMA ultimately hinges on your choices relating to time, budget, and desire to put in the effort required. The ACCA qualification is generally 2-3 years of study, with the option to pick a flexible pace that suits you. Conversely, the CMA is much quicker, where 6-12 months of study is common.
In terms of costs, ACCA course fees are encumbered by significant costs of about INR 3-4.5 lakhs in total, while CMA has lower costs of about INR 1.5-2 lakhs. The focal aspect of each qualification differs.
The ACCA qualification has an accounting, auditing, taxation and finance emphasis, whereas the CMA qualification has a management accounting, strategy and decision-making emphasis.
In terms of geography, ACCA is more international, as it is recognised in over 180 countries, whereas CMA has a focus in the US, the Middle East and Multinational Corporations.
The courses tend to educate for different career trajectories. The ACCA route to work is generally Auditor, Tax consultant, Financial Analysts or CFO, whereas CMA would ordinarily lead to work as Finance Manager, Cost Manager, Business. Strategist or Corporate Planner.
The Smarter Career Path for You
If your specialisation is accounting and auditing with an international career scope, ACCA is the better choice. It will take longer, and it will cost more, but it will have worldwide international career recognition.
If you are interested in business strategy, financial planning, and management roles and want a shorter and less expensive course, CMA is your best choice.
Conclusion
Both ACCA and CMA would be excellent pathways for good careers in finance. The real question is whether you want to be a global accounting expert (ACCA) or a strategic finance leader (CMA).
- If you’re looking at roles in audit or taxation or want a qualification that offers international career mobility, you should consider pursuing ACCA.
- If you want to develop faster in management accounting and business strategy, you should consider pursuing a CMA course.
In either case, pursuing one of these qualifications is an investment in your life. It’s not just an expense of course fees; it is an investment in a global career that will pay dividends long into the future.